https://www.taxtmi.com/caselaws?id=370645 Share transactions supported by purchase bills, bank payments, demat records, allotment documents and stock exchange sales at prevailing market price could not be treated as bogus merely on the basis of investigation reports or uncorroborated third-party statements. The absence of any material linking the assessee to an accommodation entry racket, together with the failure to allow cross-examination of relied-upon statements, meant the section 68 addition for unexplained cash credit was unsustainable and was deleted. As the notional commission addition under section 69C was only consequential to that principal disallowance and lacked independent evidence, it was also deleted. The ITAT Jaipur therefore upheld the relief granted to the assessee. en-us Wed, 29 Aug 2018 00:00:00 +0530 Mon, 08 Aug 2022 15:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370645 Share transactions supported by purchase bills, bank payments, demat records, allotment documents and stock exchange sales at prevailing market price could not be treated as bogus merely on the basis of investigation reports or uncorroborated third-party statements. The absence of any material linking the assessee to an accommodation entry racket, together with the failure to allow cross-examination of relied-upon statements, meant the section 68 addition for unexplained cash credit was unsustainable and was deleted. As the notional commission addition under section 69C was only consequential to that principal disallowance and lacked independent evidence, it was also deleted. The ITAT Jaipur therefore upheld the relief granted to the assessee. Case-Laws Income Tax Wed, 29 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370645